Former Trump economic adviser praises ‘blowout’ jobs report
Former Trump economic adviser Stephen Moore on Sunday praised what he called a “blowout jobs report” released last week that showed 379,000 jobs were added to the U.S. economy in February.
“That was a blowout jobs report,” Moore said during an interview with John Catsimatidis on his radio show on WABC 770 AM. “This economy is a rocket ship. It is ready to really take off starting April or May.
“I think the rest of this year for the economy is really looking strong as we open up our businesses, our schools, our stores, our churches,” he continued. “America is getting back.”
Moore then noted that economies in Republican-led states like Arizona and Florida are currently open despite the pandemic, arguing that more states should follow their lead.
“Once we get New York and California and Illinois and New Jersey and some of these other states to open up, I think you’re going to see really nice growth,” the Republican economist said.
Moore, however, slammed President Biden’s $1.9 trillion coronavirus relief package, dubbed the American Rescue Plan, arguing that most of the bill’s spending is “wasteful and not related to COVID.”
“I don’t think it’s necessary,” he said. “Someone has got to explain to me why we have to spend $1.9 trillion … we already have $1 trillion that hasn’t been spent from the last bill.
“I think it’s going to be negative for the economy if they pass this bill,” Moore argued.
The Senate on Saturday passed the bill in a 50-49 party-line vote following long hours of debate and negotiations.
House Majority Leader Steny Hoyer (D-Md.) said in a statement Saturday that the House plans on voting on the relief bill Tuesday before sending it to Biden’s desk for a signature.
The package includes another round of stimulus checks, additional aid for state and local governments and support for reopening schools across the country.
Biden following the vote on Saturday announced in remarks from the White House that the $1,400 coronavirus stimulus checks will begin being distributed in March, marking the first round of checks that will be sent out under his administration.
Moore argued that with increased spending, the country will have to worry about inflation in the long-term, which he said one can predict by looking at the increase in oil prices.
“Oil prices are oftentimes a leading indicator for where inflation is going,” he explained. “Inflation is still pretty low, so I’m not jumping out the windows here.
“But look at the gas prices at the pump,” Moore continued. “In most states we’ve seen a $0.35-$0.40 per gallon increase. That’s a pretty large pinch on the pocket for a lot of middle-class and lower-income people.
“So, we do have to worry about [inflation],” he argued. “We’re flushing the economy with cheap money. We’re flushing the economy with trillions of dollars of debt. At some point that has to lead to an increase in prices.”
John Catsimatidis is an inventor in The Hill.
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